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TheStreet Open House

Anaren Reports 3rd Quarter Fiscal 2013 Results

Stocks in this article: ANEN

SYRACUSE, N.Y., April 23, 2013 (GLOBE NEWSWIRE) -- Anaren, Inc. (Nasdaq:ANEN) today reported net sales for the fiscal 2013 third quarter ended March 31, 2013 of $39.0 million, up 12.3% from $34.7 million for the third quarter of last year.

GAAP (U.S. generally accepted accounting principles) net income for the third quarter of fiscal 2013 was $5.3 million, or $0.41 per diluted share, up 167% from $2.0 million, or $0.14 per diluted share for the third quarter of last year.

Non-GAAP diluted earnings per share, excluding non-cash equity based compensation and intangible asset amortization, was $0.47 for the third quarter of fiscal 2013 compared to non-GAAP diluted earnings per share of $0.19 for the third quarter of fiscal 2012.

Both GAAP and Non-GAAP net income for the third quarter were enhanced by a one-time favorable adjustment of approximately $1.6 million, or $0.12 per diluted share, resulting from the reinstatement of the federal Research & Experimentation Tax Credit, in January 2013, retroactive to January 2012.

GAAP operating income for the third quarter of fiscal 2013 was $4.9 million, or 12.6% of net sales, up 181% from $1.8 million, or 5.0% of net sales for the third quarter of last year. Non-GAAP operating income for the third quarter of fiscal 2013, which excludes non-cash equity based compensation and intangible asset amortization, was $6.1 million, or 15.6% of net sales, up 105% from $3.0 million, or 8.6% of net sales for the third quarter of fiscal 2012.

The Company had a net income tax benefit for the third quarter of fiscal 2013 of $0.4 million, representing an effective tax rate of (8.1) %. This compares to an income tax benefit of $0.1 million for the third quarter of fiscal 2012, representing an effective tax rate of (4.7) %. The tax benefit resulted from the reinstatement of the federal Research & Experimentation Tax Credit retroactive to January 2012. The projected effective tax rate for fiscal 2013, absent one-time events and adjusted for the reinstatement of the federal Research & Experimentation Tax Credit in January 2013, is expected to be approximately 25%.

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